penn national

Penn National Takes Over The M Resort

The M Resort Spa Casino, a resort ten miles from the Las Vegas Strip, has a new owner. Penn National Gaming, Inc. announced that it has purchased all of The M Resort LLC bank debt, plus $160 million of subordinated debt formerly held by MGM Resorts International for $230.5 million.

In a press release Peter M. Carlino, Chief Executive Officer of Penn National commented, "This transaction represents a great opportunity for Penn National, M Resort, its customers and employees as we address the financial uncertainty and debt burden which has created an overhang on M Resort's operations."

The resort has struggled to find its way since it opened last year but the acquisition gives Penn National, which considered taking on the unfinished Fontainebleau Las Vegas project last year, a Las Vegas foothold. Penn National owns several race track casinos in the east and owns casino properties in Pennsylvania and Maryland.

Tags: las vegas, las vegas hotels, m resort, penn national